UNDERGRADUATE CURRICULUM COMMITTEE
NEW COURSE PROPOSAL FORM
Is the course being proposed for the Liberal Learning Core? Yes __X___ No _____
1.
Title of Course: Capitalism, American Style
Proposed Course Number (cleared with Registrar): AMST210
Prerequisite Courses: none
If the minimum acceptable grade in a prerequisite course is greater than the default of D-, indicate the grade
required _________ and state the reason for requiring this minimum grade (consider consistency across the
department):
Catalogue Description (including credits, lecture, and lab hours): 3 credits
This course introduces students to capitalism as an economic system beginning with its philosophical
and moral foundations and its evolution in the United States. The principles of free markets will be
applied to a variety of historical and current issues ranging from business regulation and labor markets to
health care and the environment.
Is the course cross-listed? If so, what is the number of the other course? NO
**A proposed syllabus, including complete text and/or reference information, as well
as any relevant information to this decision, must be appended.
NOTE: All affected department chairs must sign approval on last page.
2.
For whom is the course primarily intended? Explain why it should be added to the curriculum.
The course would fulfill a general education requirement for the Western Traditions category. If the
American Studies program is approved, the course would be added to the list of social science courses
that the students opt to take for their major.
This course should be added to the curriculum because it supports the goals of the new Liberal Learning
curriculum, in particular it introduces students to one of the very important “historical and philosophical
traditions that have shaped the world.” The course also introduces students to “the principles and
histories of (a) liberal democrac(y) .”American Capitalism has helped develop an agricultural sector that
allows a few to feed many. American Capitalism has supported the research and development of lifeimproving things such as air travel, electrical power, and pharmaceuticals. Understanding the workings
of capitalism and its moral and ethical foundations, will help students become more responsible citizens.
3.
If this course is required, append a description of how the course fits into the curriculum. Indicate how
it affects hours required for graduation.
The course is not required.
4.
Has this course been offered previously as a special topics course? If so, when? What course number was
used?
No.
5.
Has this course, or one closely related to it, been offered at CNU previously?
If so, is that course currently being offered? How does the proposed course differ? When is the last term the
old course will be offered?
No.
What is the anticipated enrollment per offering for the next three years? _45__
During which term will this course first be offered?
Fall 2008__
Spring 20___
Summer 20___
6.
During which semesters will this course regularly be offered?
Fall 20__XX_
Spring 20___
Summer 20___
Print in the 2007-08________ (academic year) Undergraduate Catalog.
7.
How will the course be staffed?
The course will be taught by Dr. Michelle Vachris, BB&T Professor for the Study of
Capitalism and funded by the BB&T gift.
8.
Does the course involve a particular classroom, special equipment, or costs beyond those usually associated
with a course at CNU? If so, please explain.
No.
9.
Is the course repeatable for additional credit? If so, is there a limit to the number of times the course can be
repeated? (e.g., applied music courses)
No.
10.
If this course is for an Area of Inquiry
a. Identify the Area of Inquiry ___Western Traditions______________________________________
b. Demonstrate how your course will meet the objectives of this Area of Inquiry

a.) Critically examine the thought processes that have evolved in Western culture (required)
A significant portion of the course outline covers the philosophical and moral roots of capitalism
within different schools of thought.

b.) Analyze primary works within the framework the course provides (required)
Excerpts from the following works will be required reading:
Adam Smith, Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of the Wealth of Nations.
John Maynard Keynes, The General Theory of Employment, Interest and Money
Friedrich Hayek, Road to Serfdom.
Ayn Rand, Atlas Shrugged and Capitalism, the Unknown Ideal
Milton Friedman, Capitalism and Freedom, and Free to Choose
James Buchanan , The Calculus of Consent and Liberty, Market, and State
 c.) Place one or more of the historical, artistic, or intellectual traditions of the West in its
cultural context
 d.) Describe how the material under study has influenced the development of Western culture

e.) Connect the historical roots of phenomena with later aspects of the tradition
The last part of the course links the historical roots of free markets to selected current
applications of the U.S. capitalist system, such as Health Care, Pollution, Education, and Labor
Markets.
This course was approved by:
(Liberal learning core courses must be reviewed by BOTH academic Deans.)
|
Department(s): (1)
Date: ________
(2)
Date: ________
Liberal Learning Council:
Date: ________
CLAS Curriculum
Committee:
Date: ________
LSoB Curriculum
Committee:
Date: ________
Dean:
Date: ________
Dean:
Date: ________
Undergraduate Curriculum
Committee:
Date: ________
Concur
Changes to the Liberal Learning requirements must be reviewed by the Faculty Senate.
Faculty Senate President:
Date: ________
Provost
Date: ________
Distribution by Provost Office following approval:
Department Chair(s), UCC Chair, Deans, Registrar
** If “Do Not Concur” is checked, please attach a statement of explanation.
Rev. 02/21/06
Do Not
Concur**
Department ___AMST________
Submission Checklist
Proposal __X__
Syllabus __X__
UCC Proposal for new course _X___
Course Number ___AMST210_____
Course Name: Capitalism, American Style
Check Box for Honors Course Consideration X
AREA OF INQUIRY
WESTERN TRADITIONS
This form must be submitted to the Liberal Learning Council as part of the submission process.
Please attach a proposed syllabus for this course and the Undergraduate Curriculum Course Proposal Form, if new course.
DEADLINE FOR PROPOSALS: 1 October 2006
Please answer the following questions:
Check Only One:
 This course is an existing course (in the current curriculum) that we are now proposing for this Area of
Inquiry.
X This is a new course that we are now proposing for this Area of Inquiry.
1. Name and contact information of the curriculum point person for the department administrating this course.
Dr. Bob Colvin, Department of Leadership and American Studies
2. In any given semester, how many sections of this course is your department willing to offer?
One
3. Why is this course being offered/what is it designed to achieve (Course purpose/goal)?
This course introduces students to capitalism as an economic system beginning with its philosophical and moral foundations
and its evolution in the United States. The principles of free markets will be applied to a variety of historical and current
issues ranging from business regulation and labor markets to health care and the environment.
The course would fulfill a general education requirement for the Western Traditions category. If the American Studies
program is approved, the course would be added to the list of social science courses that the students opt to take for their
major.
This course supports the goals of the new Liberal Learning curriculum, in particular it introduces students to one of the very
important “historical and philosophical traditions that have shaped the world.” The course also introduces students to “the
principles and histories of (a) liberal democrac(y).”American Capitalism has helped develop an agricultural sector that allows
a few to feed many. American Capitalism has supported the research and development of life-improving things such as air
travel, electrical power, and pharmaceuticals. Understanding the workings of capitalism and its moral and ethical
foundations, will help students become more responsible citizens.
4. Check the objectives below that the course will address. The first two objectives are required and every
proposal must include at least one more objective from the list below.
X a.) Critically examine the thought processes that have evolved in Western culture (required)
X b.) Analyze primary works within the framework the course provides (required)
 c.) Place one or more of the historical, artistic, or intellectual traditions of the West in its
cultural context
 d.) Describe how the material under study has influenced the development of Western culture
X e.) Connect the historical roots of phenomena with later aspects of the tradition
5. Briefly explain how this class addresses each objective checked in #4. Be sure to indicate the objective by its
letter. A course may cover more than three objectives.
Objective a :
A significant portion of the course outline covers the philosophical and moral roots of capitalism
within different schools of thought.
Objective b :
Excerpts from the following works will be required reading:
Adam Smith, Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of the Wealth of Nations.
John Maynard Keynes, A General Theory of Employment, Interest, and Money
Friedrich Hayek, Road to Serfdom.
Ayn Rand, Atlas Shrugged and Capitalism, the Unknown Ideal
Milton Friedman, Capitalism and Freedom, and Free to Choose
James Buchanan , The Calculus of Consent and Liberty, Market, and State
Objective __e__:
The last part of the course links the historical roots of free markets to selected current applications of the U.S.
capitalist system, such as Health Care, Pollution, Education, and Labor Markets.
6. Course Assessment: Check below how this course will accomplish the above objectives (choose at least
one).
X Participating in class discussion and debate
 Engaging in teamwork and other collaborative exercises
X Writing analytical or evaluative papers, perhaps incorporating original research
 Making oral presentations
 Creating an artistic product or a performance
 Participating in fieldwork
 Other means – please identify
7. Attach a proposed syllabus, which includes a statement of purpose, course objectives, and how these
objectives will be accomplished.
8.
Explain how this course connects to Vision 2010 – the CNU Strategic Plan.
(http://www.cnu.edu/Vision2010 the links are on the left side of the page.)
“Christopher Newport University academic programs will prepare students to lead lives of significance and responsibility in a
free, democratic society.”
This course introduces students to the philosophical and moral roots of our free, democratic society.
“The university curriculum values the historical, philosophical, and scientific traditions that have shaped the world.”
This course introduces students to one of the very important historical and philosophical traditions that have shaped the world
– Capitalism.
“Provide an intellectually challenging and dynamic liberal learning curriculum”
The course requires class discussion, written tests, and an essay. The required readings are rigorous and will challenge
students. The selected applications part of the course at the end is dynamic in that is will change to reflect current events.
“Support learning that cultivates critical and innovative thinking.”
The selected applications part of the course at the end applies the concepts of free markets to a variety of issues that most
people would never think of as having market-based solutions (for example using markets to address the shortage of human
organs available for transplantation).
“Foster independent student learning.”
The students will write an essay on a selected topic of their choosing to independently learn about free-market solutions.
“Connect liberal learning to ethical conduct and civic responsibility”
The course especially addresses this goal of Vision2010 because it illustrates the moral foundations of capitalism as an
economic system from the perspectives of different schools of thought. At the end of the course, students are introduced to
topical issues related to social and civic responsibility, such as markets for organ transplants and tradable pollution rights,
school vouchers, minimum wages, and immigration.
American Studies 210
Capitalism – American Style
Dr. Michelle A. Vachris
594-7719 (office)
594-7808 (Fax)
Business & Tech. Center Rm. 423
mvachris@cnu.edu
Course description: This course introduces students to capitalism as an economic system beginning
with its philosophical and moral foundations and its evolution in the United States. The principles of
free markets will be applied to a variety of historical and current issues ranging from business regulation
and labor markets to health care and the environment.
Required readings: The Economic Way of Thinking, by Paul Heyne, Peter J. Boettke, and David L.
Prychitko and a course pack including excerpts from works listed below.
Performance Objectives: The student will demonstrate through class discussion, written tests, and an
essay an understanding of how the capitalist system works in the United States.
PERFORMANCE MEASURES:
Two Tests
(20% each)
Homework and Class Discussion
Essay
Comprehensive Final Exam
40%
15%
20%
25%
Essay assignment: Students will choose a topic from current events and explore private and public
solutions to the issue.
CNU HONOR CODE: “On my honor, I will maintain the highest possible standards of honesty,
integrity and personal responsibility. That means I will not lie, cheat, or steal and as a member of this
academic community, I am committed to creating an environment of respect and mutual trust.”
A student who obtains credit for work, words, and ideas that are not the products of his/her own effort is
dishonest, and such behavior has an adverse influence on the standards of the University. Infringement
of the Code for Academic Work entails severe penalties ranging from failure in course work to dismissal
from the University.
NOTE: Any student who believes that he or she is disabled should contact me to discuss
accommodations. In order to receive an accommodation, your disability must be on record in Disability
Services.
Course Outline:
I.
What is an Economic System?
II.
Operations of a Capitalist System (Readings from The Economic Way of Thinking, by Paul
Heyne, Peter J. Boettke, and David L. Prychitko)
A.
B.
C.
D.
III.
Prices – how goods & services are allocated
Profit – the motive to produce
Property Rights – the rules of the game
Efficiency versus Equity – assessing the outcome
Philosophical and Moral Roots of Capitalism
A. Adam Smith and the Classical School of economics
Smith, Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of
the Wealth of Nations.
B. John Maynard Keynes and the Keynesian Critique
Keynes, A General Theory of Employment, Interest, and Money
Galbraith, The Affluent Society
C. Friedrich Hayek and the Austrian School of economics
Hayek, Road to Serfdom.
D. Ayn Rand and Objectivism
Rand, Atlas Shrugged and Capitalism, the Unknown Ideal
E. Milton Friedman and the Chicago School of economics
Friedman, Capitalism and Freedom and Free to Choose
F. James Buchanan and the Public Choice School
Buchanan, The Calculus of Consent and Liberty, Market, and State
IV.
Selected Applications of the U.S. Capitalist System
(Readings from current events publications and journals.)
A.
B.
C.
D.
E.
Health Care – a market for organ transplants
Pollution – a market for tradable pollution rights
Education – school vouchers
Labor markets - minimum wage and immigration
Other topics as appropriate.